Take a look at some of the biggest movers in the premarket:
Lordstown Motors (RIDE) – Lordstown fell 13.7% in premarket trading after electric vehicle startup Said it needed to raise capital To fund the operation and its production this year, it will be at best 50% of prior estimates.
canopy development (CGC) — Shares of the cannabis producer rose 2.4% in the premarket after MKM Partners upgraded the stock from “neutral” to “buy.” MKM said sentiment on the stock is so low that the current risk/reward profile is very favorable.
shake Shack (SHAK) — The restaurant chain’s stock rose 5.2% in premarket trading after Goldman Sachs upgraded it from “neutral” to “buy.” Goldman believes the recent pullback presents a buying opportunity given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock from “neutral” to “outperform”, citing similar reasons.
AUTOZONE (AZO) — The auto parts retailer reported quarterly profit of $26.48 per share, beating the consensus estimate of $20.14 per share. Revenue also came in above estimates. Comparable-store sales rose 28.9%, up from the consensus FactSet estimate of 17.1%. However, AutoZone’s gross margin fell as the company’s commercial business boomed. AutoZone added 1.1% in premarket trading.
heroine (AMZN) – Amazon may announce deal to buy mgm studios As of this week, according to a person familiar with the matter who spoke to CNBC. An estimated price of up to $9 billion would make this Amazon’s largest acquisition since it bought Whole Foods in 2017 for $13.7 billion.
astraZeneca (AZN) – US drugmaker’s $39 billion acquisition of AstraZeneca Alexion Pharmaceuticals (ALXN) is the subject of investigation by British competition regulators, who want to determine whether the deal will reduce competition in the UK and elsewhere.
United Airlines (UAL) — United said in a Securities and Exchange Commission filing that ticket yields accelerated during the second quarter ahead of their prior estimates. It now sees the key metric of revenue per available seat mile falling about 12% in the quarter compared to its prior estimate of a 20% decline.
Live Nation Entertainment (LYV) — Live Nation president Joe Berchtold told CNBC’s “Closing Bell” that bookings for the concert venue are starting to reopen, and it’s expecting a better year in 2022 than 2019. Shares added 1% in premarket action.
IAC / Interactive (IAC) — Shares of IAC jumped 5.3% in premarket trading ahead of today’s spinoff of Vimeo for IAC shareholders. Vimeo will begin trading today on Nasdaq, with the maker of video tools valued at about $10 billion.
petco (WOOF) — The pet products retailer announced a secondary stock offering of 22 million shares, with the selling stockholder giving the underwriters the option to purchase another 3.3 million shares within 30 days. Petco will not receive any proceeds from the offering. The stock fell 1.1% in the premarket.
alaska air (ALK) — Alaska Air boosted its cash flow outlook for the current quarter, saying it now expects positive cash flow of $550 million to $650 million, compared to a prior projection of $550 million to $550 million. hopes. The airline cites better-than-expected affinity card flows along with better travel demand. Alaska Air shares fell 2.8% in premarket trading.
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